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Who wins and who loses? : public transfer accounts for US generations born 1850 to 2090

Author: Antoine Bommier; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2004.
Series: Working paper series (National Bureau of Economic Research), no. 10969.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Public transfer programs in industrial nations have massive long term fiscal imbalances, and apparently permit the elderly to benefit through pension and health care programs at the cost of the young and future generations. However, the intergenerational picture is turned upside down when public education is included in generational accounts along with pensions and health care. We calculate the net present value  Read more...
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Details

Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Antoine Bommier; National Bureau of Economic Research.
OCLC Number: 57236402
Notes: December 2004.
Description: 1 online resource (16, [11] pages) : color illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 10969.
Responsibility: Antroine Bommier [and others].

Abstract:

"Public transfer programs in industrial nations have massive long term fiscal imbalances, and apparently permit the elderly to benefit through pension and health care programs at the cost of the young and future generations. However, the intergenerational picture is turned upside down when public education is included in generational accounts along with pensions and health care. We calculate the net present value (NPV) of benefits received minus taxes paid for US generations born 1850 to 2090, and find that all generations born from 1950 to 2050 are net gainers, while many of today's old people are net losers. Windfall gains for early generations when Social Security and Medicare started up partially offset windfall losses when public education was started, roughtly consistent with the Becker-Murphy theory"--National Bureau of Economic Research web site.

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